Alpari UK disaster

[leerees]

Alpari UK trading credit

Guys,

I wonder if anyone here can offer some advice.

I recently signed up to alpari UK and deposited $1400, Alpari matched my deposit giving me a total of $2800.

I began trading and entered into some large positions to catch the Euro/USD as it bottomed out.

Anyway alpari closed my trades using a margin call based on $1400, not $2800.

Am I in the wrong here as I presumed that we would only get the margin call of death once accounts hit 10% of total equity. Their reply is the margin is based on real money, not bonus credits and that I should have read the terms and conditions. To be fair the op said she'd speak to her manager to try and get me $100 but it's not like I can even trade it, one negative move and I'm margin called.

Is there anything I can do or is this really my fault for not reading the TOS? I'm hoping the manager might look at my case and just give me back the dough on a good will basis.

 

[Lord Flasheart]

Guys,

I wonder if anyone here can offer some advice.

I recently signed up to alpari UK and deposited $1400, Alpari matched my deposit giving me a total of $2800.

I began trading and entered into some large positions to catch the Euro/USD as it bottomed out.

Anyway alpari closed my trades using a margin call based on $1400, not $2800.

Am I in the wrong here as I presumed that we would only get the margin call of death once accounts hit 10% of total equity. Their reply is the margin is based on real money, not bonus credits and that I should have read the terms and conditions. To be fair the op said she'd speak to her manager to try and get me $100 but it's not like I can even trade it, one negative move and I'm margin called.

Is there anything I can do or is this really my fault for not reading the TOS? I'm hoping the manager might look at my case and just give me back the dough on a good will basis.

you are at their mercy,the 1400 is only yours when you have met the release criterior. The call would be based on the size of trade and the stop in place(generally). If your new should you not be trading smaller stakes with a s/b firm. If youve still got 1400 showing in the account,then no harm is done,take your time,reach the criterior and its yours

 

[Black Swan]

Guys,

I'm hoping the manager might look at my case and just give me back the dough on a good will basis.

I'm guessing they'll describe it as this;

 

[shadowninja]

Ouch. You need to read the T&Cs carefully before putting money on the line!

 

[wackypete2]

Leerees,

Allow me to offer some friendly advice:

You were seriously overleveraged. Even if you could have used the full $2800 your trading style and use of hedging and leverage as you have shown us in the live calls thread would eventually lead to your account blowing up. You don't see it but the double spread you were paying was killing you. You need to trade with much much smaller stakes having that size account.

I could be wrong here, but I could not see any real strategy or money management plan in your trading. It appeared to be hectic reaction to short term movements. Most of us generally don't subscribe to your hedging style but if you are going to use it then draw up a precise plan of WHEN to enter/exit trades. You'll find this will help you more than any of us can.

Good Luck,

Peter

 

[leerees]

I spoke to them again today and the manager basically said I should have read the terms and conditions. I accept that it's my fault for not understanding what "trading credit" actually is.

The thing is although my strategy has a large draw down, it was working, it's a hedging strategy that takes it's calls using the THV system, i know it may appear irratic to some but there is substance to it. The hedging increases equity and keeps me away from a margin call. Others said what's the point in hedging a position and closing at B/E but I'd always make more than the spread back on the hedge due to a trending market.

Obviously I thought I had £2800 when in fact I had $1400 and so I got handed my failboat ticket but I consider this a misunderstanding, however I'm still going to tone down my strategy, and draw down.

We will see if anymore accounts get blown up. I might just ask Alpari to remove the extra trading credit as it's messing up metatraders margin calculations.

For now I'm out until next year but I'll still be watching the markets, might even bust out a few demo trades, we'll see.

I beleive the criteria to get the trading credit converted to real money is to place trades totalling 200 lots, think I've done around 10 lots in 2 days.

 

[Black Swan]

The thing is although my strategy has a large draw down, it was working,

What, like 50% in a few days, or 100% in a week..?

 

[arabianights]

I can't be bothered to read, but let me guess that what this guy is calling "hedging" is what the rest of us would call closing a position?

 

[Elisium]

If they do not want to give you extra money, they will not. You can do nothing in this situation. Any way it is nice and cool to trade with all deposit and it gives you a good profit, but one bad trade or mistake and you done. It can be not even your fault: internet connection problems, mistake in placing stops whatever. Reconsider your money management.

 

[Elisium]

I can't be bothered to read, but let me guess that what this guy is calling "hedging" is what the rest of us would call closing a position?

@arabianights

Can you tell a little bit more about hedging, have read a lot of information about this, but still do not have clear understanding of this process and how it's working.

 

[leerees]

What, like 50% in a few days, or 100% in a week..?

I made just over $450. I traded 2 days.

 

[Black Swan]

I made just over $450. I traded 2 days.

Oops, sorry, I must have misread/scanned the thread too quickly, I thought I'd read you got wiped out with a margin call? Apologies..must be confusing you with someone else..on a different thread..